I think real estate is very forgiving (1) over the LONG term and (2) if you're well capitalized / in a strong financial position. 

However, you can claim a tax credit on your California return for taxes paid to Oregon, mitigating double taxation.If you only plan to own this one property, consider using umbrella insurance as an alternative to an LLC.

Make sure to plan for the added rental income/ordinary expenses on your tax return. 

You don't need 20% down.Sounds like a great plan.

In fact, some of them have been in the news lately and popped up on the foreclosure list as they are in trouble financially as well. 

If you need financial help, ask under the "Finance, Tax, and Legal" forum.

Toby - getting your license for self representation of you're planning on doing a lot of deals is a good option.1) You have to hang your license with a broker unless you have a brokers license.

We’re planning to rent out our fully furnished 3-bedroom, 2-bathroom home in Phoenix-Metro area from March 1st to August 31st in the future.

If you need financial help, ask under the "Finance, Tax, and Legal" forum.

A good tax accountant can save you thousands of dollars by leveraging entity selection and formation, tax deductions, cost segregations, bonus depreciation and tax planning.I recommend finding an accountant who specializes in business taxation, financial planning and tax planning.I would also recommend looking for a accountant willing to work with you throughout the year.